Canonical · Macro & Investing · Memo
Bretton Woods III
Zoltan Pozsar · 2022
"Weaponized reserves after Russia's invasion usher in a new monetary order backed by commodities, not fiat."
In 2022, Credit Suisse strategist Zoltan Pozsar coined 'Bretton Woods III', arguing that the global monetary system is shifting from inside money (fiat currency backed by sovereign debt) to outside money (currencies backed by hard commodities).
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